Provident Bancorp and NB Bancorp Reveal Final Merger Consideration Proration Details

Merger Agreement: NB Bancorp (NBBK) and Provident Bancorp (PVBC) have entered into a merger agreement, with the transaction expected to be completed on November 15 at 12:01 a.m. ET.

Share Conversion: Each share of Provident common stock will be converted into either 0.691 shares of Needham common stock or $13.00 in cash, with restricted shares becoming fully vested and eligible for the same conversion.

Surviving Entities: Following the merger, Needham will be the surviving entity after merging with Provident, and BankProv will merge into Needham Bank, which will also be the surviving entity.

Share Issuance: Needham estimates it will issue approximately 5,944,350 shares of its common stock in the merger, resulting in about 45,770,800 shares outstanding on a pro forma basis as of November 12.